Sheridan Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventory value of $1,034,350. A physical inventory count was conducted and it was determined that the inventory value was $994,275. Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)

Sheridan Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventory value of $1,034,350. A physical inventory count was conducted and it was determined that the inventory value was $994,275. Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)

Name: Rahul Current Attempt in ProgressSheridan Electronics uses a perpetual
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Description: Rahul Current Attempt in ProgressSheridan Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventoryvalue of $1,034,350. A physical inventory count was conducted and it was determined that

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...

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